Jio Financial's joint venture brings BlackRock back to India

Also read: Jio Financial demerger: Discovered price much higher than street estimates

Each partner plans an initial investment of US $150 million. Together, they aim to provide tech-enabled and affordable investment solutions to Indian investors.

Speaking on this transaction, Hitesh Sethia, President, and CEO of JFS said, "This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products.

"India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionize India's asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India," said Rachel Lord, Chair & Head of APAC, BlackRock.

Jio BlackRock is a customer-centric and digitally-driven enterprise with the mission of democratizing access to financial investment solutions, bringing financial well-being to every Indian. The joint venture will commence operations once it receives regulatory approvals and will have its independent management team.

Also Read: Reliance spin-off Jio Financial valued at $20 billion, above estimates

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.